Dogecoin has recently encountered a period of significant weakness, with its price slipping from the mid-$0.18 range into a persistent downtrend. Following a notable high at $0.18311 on November 10, the cryptocurrency has struggled to maintain upward momentum, which has been characterized by a series of lower highs over the past few days.
Technical analysis from BitGuru reveals that attempts to rebound have continually faltered, leading to corrections each time the price began to recover. For instance, after reaching a modest recovery of $0.16598, selling pressure re-emerged, pushing Dogecoin lower once again.
The analysis highlights that Dogecoin’s price action has remained within a descending channel, with consistent selling pressure keeping it below the critical resistance levels. Currently, it appears to be trading around $0.1566 following a slight dip into the $0.153 area. Despite holding above short-term support, there is a clear lack of strength to break free from its downward trend, leading to trading in a sideways manner.
An important focus is on the resistance zone ranging from $0.163 to $0.167, which has repeatedly thwarted Dogecoin’s attempts at recovery. Each time the price has approached this level, the selling pressure has intensified, resulting in further corrections. This resistance appears to be a significant barrier for Dogecoin, preventing a potential rally.
BitGuru emphasizes that a decisive breakout above this resistance zone is essential for a meaningful recovery. Absent such a breakout, the likelihood of continued downside movement remains high. Investors and analysts alike will be closely monitoring price movements in the coming days to assess whether Dogecoin can muster the strength necessary to break this critical threshold and initiate a more favorable trend.